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Newman-Haas closing doors after nearly 30 years of racing

Storied racing team Newman-Haas has officially closed up shop. Despite finishing fourth in Indycar's overall driver standings in 2011, the team reportedly couldn't find the sponsorship necessary to continue operations. Founded in 1982 by actor Paul Newman and Carl Haas, the team racked up 107 wins and a total of eight championships. Legendary names like Mario and Michael Andretti and Christian Fittipaldi all spent time in the cockpit of Newman-Haas racecars. Despite a long and successful history, the team never managed to grab an Indianapolis 500 victory.

In a brief statement on the team's website, Haas said, "The economic climate no longer enables Newman/Haas Racing to participate in open wheel racing at this time."

Newman passed away in 2008, and Haas is said to be in poor health at the moment. Even so, the operation remained strong and likely could have continued to score wins well into the future with the proper funding. The loss of the team surprised many and will likely be a major blow to the IndyCar series moving forward.